RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2014-09-03 17:50:00

LARGEST MEXICAN DRILLER NEEDS MONEY

LARGEST MEXICAN DRILLER NEEDS MONEY

Grupo Diavaz -- a closely held company that works with Petroleos Mexicanos, Petroleo Brasileiro SA (PETR4) and China Petroleum & Chemical Corp. (386) in Mexican fields -- will hold talks with stock exchange officials in the coming weeks with a view of debuting in capital markets next year, Chairman Luis Vazquez Senties said in an interview.

"We're going to have to be prepared for a large increase in required financing," Vazquez, who founded the company with his brother, said Sept. 1 at his Mexico City offices. "The first possibility we are looking at is a public offering or a bond offering. We are analyzing which could be the better option to continue growth as the market opens."

As many as 12 energy companies are considering equity or debt sales as Mexico allows private competition in the industry for the first time in 76 years, Francisco Valle, director of promotion and issuers at exchange operator Bolsa Mexicana de Valores SAB, said Aug. 28. Mexico's last initial public offering was in June when Prologis Inc. raised $541 million.

Diavaz has met with Credit Suisse Group AG (CSGN), Goldman Sachs Group Inc. and Deustche Bank AG to discuss financing options, Vazquez said. The group also plans to hold discussions with Bolsa Chief Executive Officer Luis Tellez.

The government takeover of Oceanografia SA, the Ciudad del Carmen-based oil services provider that was accused of defrauding Citigroup Inc. for $400 million, has tarnished the oil services industry's reputation and temporarily hindered Diavaz's ability to obtain funding from banks, Vazquez said.

Exxon Mobil

The opening of Mexico's oil and natural gas industry has generated interest from 515 companies, Energy Minister Pedro Joaquin Coldwell said Aug. 22. The entrance of foreign producers probably will generate more than $50 billion in private investment by 2018, according to the Energy Ministry.

Diavaz, which offers oil services primarily to Pemex and gas production services to Brazil's state-run Petrobras in northern Mexico, has been in talks with Exxon Mobil Corp. (XOM) about potential partnerships in one or two of the 10 fields where Pemex is seeking so-called farm-outs or partners to increase production, Vazquez said.

"It caught our attention that Exxon Mobil would reach out to a company of our size," Vazquez said. "We met and they told us that they wanted to discuss areas where we could work together" tapping Diavaz's local knowledge, he said.

Diavaz produces about 14,000 barrels of oil a day at the Ebano field and plans to become an operator with exploration and production capabilities, Vazquez said.

bloomberg.com

Tags: MEXICO, OIL, DIAVAZ, PETROLEO, CHINA, EXXON,
Chronicle:
LARGEST MEXICAN DRILLER NEEDS MONEY
2022, June, 28, 11:44:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
LARGEST MEXICAN DRILLER NEEDS MONEY
2022, June, 28, 11:43:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023 Link to the Congress website: https://bit.ly/3tXVmr7
LARGEST MEXICAN DRILLER NEEDS MONEY
2022, June, 28, 11:40:00
S.KOREAN NUCLEAR SUPPORT
South Korea’s new president, Yoon Suk-yeol, said on 22 June that in order to rebuild the nuclear industry that was “devastated by the previous administration”, the government will allocate KRW92.5 billion ($70 million) from the energy budget for the restoration of nuclear power generation capacity.
LARGEST MEXICAN DRILLER NEEDS MONEY
2022, June, 28, 11:35:00
U.S. SMR FOR ROMANIA
Romanian company Nuclearelectrica and NuScale will cooperate with the US Trade and Development Agency (USTDA) on a series of engineering and design activities and studies, as well further technical analyses of the Doicești site, a former thermal power plant site which has been identified as a potential location for the SMR plant.
LARGEST MEXICAN DRILLER NEEDS MONEY
2022, June, 28, 11:30:00
U.S. SOLAR POWER 25%
US Energy Information Administration reports a capacity factor of 25% for solar generation.
LARGEST MEXICAN DRILLER NEEDS MONEY
2022, June, 28, 11:25:00
AUSTRALIAN SMART ENERGY
As energy is of national importance, a national policy, national rules and regulations are necessary. At the same time, we are facing massive changes in the energy sector.
LARGEST MEXICAN DRILLER NEEDS MONEY
2022, June, 27, 11:45:49
OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
Brent edged down 8 cents to $113.04 a barrel , WTI was at $107.38 a barrel, down 24 cents.
All Publications »